National Republican., 1887-05-13
CURRENT COMMENT.
The scintiiIations which Brighten Our
Exchange List.

GAChhhko btbt
Philadelphia Record. The whole inter
state commerce disputation resolves itself
into the question whether the horse thai
carries or the man who owns the load shall
control the direction In which It shall be
sent to market, and the share OF It which
the horse may eat and which the owner
may sell. There are casults who think
everything should be left to the discretion
Of the horse.
Macon Ne,gs: For hundred years
slavery was the dam, the obstruction, ah,
more, II was an unclaimed lion in the path
Of southern advancement. Our water
power was wasted, our wealth OF forest
disregarded, and our mines were buried
talents, while the money OF the land was
invested in property necessarily unaggres-
sive, unproductive, stagnant, and perish
ing. Emancipation was the magic wand
no, not the magic wand, but simply the
natural hand-that shook off the night.
mare, walked the sleeping giant and sent
him forth to dig, to build, to fell, to set In
motion the vast machinery OF development
already completed and waiting impatently
for his approach.
New York Tribune: Secretary Whitney's
experiment Of concentrating under one
head the important business Of purchasing
and caring for naval stores Is an interesting
the service. The advocates Of the Inflated
reorganization bill based their strongest
arguments on the anomalies OF the bureau
system Of storage and purchase. The
Secretary is taking practical measures to
secure the distribution of supplies now on
hand, but scattered among various navy
yards and depots, by referring the estimites
| OF the chiefs of bureaus to the inventory
board. IL one bureau needs something
| which another has In great excess, the
| article will be transferred, not purchased
| The paymaster general, moreover, Is to
| become the purchasing agent and general
accountant for the whole service. There is
| much opposition to this scheme on the part
| of naval bureaus, but we are not sure but
| that the movement is In the right direction,
and trust that the Secretary will persevere
| in his policy.
New York Times: The feeling that Is
very general In financial circles that tue
| constant accumulation OF money In the
| treasury OF the United States threatens
| disturbance to the money market Is not
unreasonable, but 1t would be easy to yield
too much importance to 1t. The course of
| the revenues and the means open to the
| government to dispose Of them are matters
that have received grave consideration from
those who are under the most direct re-
| sponsibility regarding them. They are not
| novel; II was as easy to see In March last,
when Congress adjourned, as 1t Is nov,
what would be the consequences to the
country, just entering upon perioi OF
renewed prosperity, II artificial construction
III the money market should ensue from the
steady influx OF unnecessary revenues into
the treasury, and the question OF how this
should be permanently prevented has been
carefully studied from that time. 1t is
generally understood that no adequate
remedy can be had without leglsla-
tion, and that no adequate legislation
can be had unless Congress be
called together earlier than 1t would
In the ordinary course convene
A session begun iu December
would accomplish little before March
the month Of December would be devoted tc
organizing the House, the election of d
speaker, and the formation Of the commit
tees. Nothing serious could he begun till
the middle Of January, aud nothing
could really be accomplished under the
most favorable conditions before March
Then we should be on the eve of an active
presidential campaign, and 1t is doubtful II
any law could be passed. This doub
would, so far as confidence In business cir
cles is concerned, be almost as mlschievou:
as the certainty that no action would he
taken. These are, in brief, the considera-
tions that weigh In favor OF calling Con
gress together at an early date, say by the
1st of October. We have reason to believe
that such moderate, yet probably effect
ual, policy will be adopted, aud we know
that 1t is definitely advocated by some o.
those who will have the most to say as t.
the decision Of such a question. Tn
steadily.swelling surplus is a certainty
There are, so far as can now be seen, onl,
three ways to deal with 1t: To buy bond
alta premium, to anticipate the interes
and possibly principal of bonds not ye
due, and to reduce taxation. The frs
the country would be sternlv opposed
to, the second is of doubtful, efficacy, aut
1t is still more doubtful II the treas ar,
could carry 1t out without Legislative
action; the third can only be accomplished
by Congress. These are the simple fact
that present themselves. We balieve taa
their significance Is not misunderstood
and their Importance is not moderated. |,
any case, the financial community can, ",
believe, rest in the assurance that whit l.
proper and necessary to secure 1t froI
undue interference by the operations of th
federal government will be done. The ad
ministratlon has shown itself too keenl
sensitive to its responsibilities for the unin
terrupted prosperity of the country, an
too intelligent In dealing with that res con
sibilty, to fail now IN any duty thai th
situation may impose.
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